Euro

Currency that came into affect within the 11 eurozone countries in January 1999. Coins and notes were introduced into circulation in 2002. The European Central Bank (ECB) regulates the monetary policies of the Economic and Monetary Union. Benefits of the euro include reduced transaction costs, reduced uncertainty and risk due to price transparency and merger activity. The main cost is the cost of converting (price signs, tills, vending machines etc)However, this is only short term and if countries such as the Czech Republic and Slovakia think they can afford it then the UK can.